POPCAT Price Touched Channel’s Crucial Support: Awaiting a Bounce?

POPCAT, a Solana-based memecoin, is ranked among a few performing meme coins. It has pulled back significantly this week. Last week, the memecoin made its all-time high (ATH) mark of $0.9976 and then continued to ride the bearish wave, losing over 31%.

Notably, the smart traders have booked their profit close to the $1 mark, and the memecoin has switched the track, noting a drop of over 28% this week.

Interestingly, a rising parallel channel was noted, and the POPCAT price slipped to the edge of its crucial support around $0.6500.

It has reached the 50-day EMA mark and displayed significant distribution from its ATH. The trend is still positive, but it has deviated from the bullish track to profit booking.

At press time, the POPCAT price traded at $0.673 with an intraday surge of 4.36%, reflecting neutrality on the charts. Its trading volume rose over 25.43% to $101.62 Million.

The memecoin was ranked at 102 with a market cap of $659.78 Million, and it had a total supply of 979.97 Million.

POPCAT Price Turned Back: Is the Dip Buyable?

The Daily Chart of POPCAT reflected the higher high swings, and it has outperformed in the past few weeks. Despite the selloff across the crypto market, it has grown over 450% in the last three months.

Undoubtedly, slight ups and downs are part of the volatility, but the demand was intact, and the memecoin could continue to ride with the bullish wave ahead.

Once the memecoin retains the 20-day EMA mark, buyers may regain traction and would form a next bullish leg above the $1 mark soon.

Major indicators like the RSI and MACD showed a setback and plotted a negative crossover on the chart, implying the beginning of a fresh selloff and a significant trend reversal might be possible.

@Trader Koala tweeted that the $1 mark is imminent and the memecoin could reach the mark soon.

$POPCAT

Doesn’t get much cleaner than this

$1 is programmed pic.twitter.com/25Z5TF9BAt

— Trader Koala (@trader_koala) August 1, 2024

POPCAT Delivered Volatile Moves: What’s On The Cards?

Besides the significant uptrend, the memecoin had delivered significant volatile moves and reverted from its peak of $0.9976. The price volatility curve displayed significant fluctuations, noted around -0.51.

The profit booking from the top impacted the sentiment and dropped to the negative region, signifying a change in the investor’s mindset.

Futures Open Interest Data Insights

The futures traders continued to make long positions. The Open interest (OI) data noted a rise of over 1.23% to $45.87 Million, displaying a positive stance in the last 24 hours.

POPCAT Futures Open Interest

If the channel low of the $0.6600 mark breaches, the selling pressure may increase. The POPCAT memecoin could retest the pivot of $0.6200, followed by the $0.6000 mark shortly.

On the other hand, if it flips from the 50-day EMA mark, it may bounce toward the resistance mark of $0.7000, followed by the $0.7300 mark soon.

Still, the short-term trend looked positive, and the memecoin comfortably placed above the 50% Fib cluster. Until the POPCAT price holds the $0.6000 mark, the buy-on-dips, and significant accumulation are intact, and the bullish trend can remain intact.

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